Legal Question in Real Estate Law in California
My grandmother gave me her home after my grandfather passed away. I moved into the home and have been making payments for over 5 years. My grandmother quitclaimed the home to me and her revocable living trust (of which I am the beneficiary). I wanted to refinance the home, but was told I couldn't because I was not the owner or grant deed holder. What can I do to put the home in my name?
2 Answers from Attorneys
If the home is held jointly between you and the trust, you will not be able to refinance.
The trust and you could jointly try and re-finance, or the trust could transfer the property to you, but that will likely have a serious tax implications for you, your grandmother, the trust, or all three.
Do not do this on your own. Do not attempt this without consulting with your grandmother, her attorney, your own attorney, her and your cpas, etc.
This is probably as much a financial calculation as it is a legal question per se. You should have someone "run the numbers" including current and potential future tax effects (i.e., capital gains). Your grandmother's life expectancy (I assume she is still living) will be a factor in the equation, as well as the "cost basis" of the property, the current and anticipated interest rates, whether you are wanting to do a "cash out," and so on.
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